Inflation on the Rise: A Breakdown of November 2023 Inflation Numbers

The Nigeria Bureau of Statistics (NBS) released its November Consumer Price Index (CPI) report today, indicating a continued upward trend in inflation.

Here is a breakdown of November 2023 Inflation Numbers

– Headline inflation continues to climb, reaching 28.20% in November, a 0.87% increase from October

– Compared to November 2022, inflation rate saw a significant 6.73% point jump.

– Month-on-month inflation also increased, at 2.09%, highlighting persistent price pressures.

– Urban inflation followed a similar trend, hitting 30.21% year-on-year and 2.23% month-on-month.

– Rural inflation, slightly lower, stood at 26.43% year-on-year and 1.99% month-on-month.

– Food inflation was the main culprit, surging to 32.84% year-on-year, driven by rises in Bread and cereals, Oil and fat, and Potatoes.

– Month-on-month, food inflation also climbed, at 2.42%.

– Core inflation, excluding volatile items like food and energy, reached 22.38% year-on-year, an increase from 17.99% in November 2022.

– Passenger Transport, Medical Services, and Housing costs contributed most to this rise.


Inflation shows no signs of slowing across all categories, impacting both basic necessities and non-essential goods and services.


Tunde Alade

Tunde is a political Enthusiast who loves using technology to impact his immediate community by providing accurate data and news items for the good of the country.

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